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Revolutionizing the Way We Pay: The Top Payment Industry Trends You Need to Know in 2023

Perficient

Here are some of the biggest payment trends we’re forecasting for the new year. Security/Biometric Payments With the widespread popularity of digital payments continuing to grow, security remains at the forefront of concern for payment companies and their vendor partners.

Industry 471
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OCC Highlights, AML & CRA Risks

Perficient

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Manage third-party risks, especially for relationships involving higher-risk or critical activities.

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Driving Payments Innovation With Installments And Automation

PYMNTS

Small and mid-sized businesses (SMBs) can make their operations run smoother by tapping into automated processes, electronic invoices and accounts receivable (AR) tools for digital payments. In payments innovation, mass transit is driving the global future of contactless payments.

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The Future of Checks – Tales From The Crypt

South State Correspondent

Checks are dying and about to die quicker, given the rise of instant payments. After World War II, checks were the hot payment technology and helped fuel the boom that followed. At its height, checks accounted for 86% of all payments in the U.S. Now, a paper check could be scanned and turned into an electronic payment.

Fraud 195
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India’s Payments Power Moves

PYMNTS

However, as demonstrated this summer, the country is not only embracing digital payments, but increasingly attracting competition from some of the biggest players in the industry. That certainly presents a challenge for anyone bent on moving consumers to digital payments, but that doesn’t mean the effort is slowing.

Payments 108
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mPOS At 37,000 Feet

PYMNTS

percent from 2017 to 2026, many solution providers are looking to use partnerships as a boost to snag a bigger share of the growing market. The company recently acquired a 30 percent stake in small and medium-sized business (SMB) payments hardware and software provider Pawoon. mPOS Helps In-Flight Payments Take Off.

Software 220
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Why Communication Is Key To Faster Construction Payments

PYMNTS

Late payments are a headache for any industry, but the construction sector has seen some particularly detrimental effects from cash-flow bottlenecks. the collapse of construction conglomerate Carillion pulled back the curtains on the corporate’s B2B payment practices. In the U.K.,

Payments 125